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Q1. Who is a NRI?

Non Resident Indian (NRI) is a citizen of India, who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. Non-resident foreign citizens of Indian Origin are treated at par with Non Resident Indian (NRIs).

Q2. Who is a PIO?

Person of Indian Origin (PIO) (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who (a) at any time, held Indian passport, or (b) who or either of whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).

Q3. Who is OCI?

(a) Any person of full age and capacity: (i) Who is a citizen of another country, but was a citizen of India at the time of, or at any time after, the commencement of the constitution, or (ii) Who is a citizen of another country, but was eligible to become a citizen of India at the time of the commencement of the constitution, or (iii) Who is a citizen of another country, but belongs to a territory that became part of India after the 15th Day of August, 1947. (iv) Who is a child of such a citizen, or (b) A person, who is minor child of a person mentioned in clause(a) Provided that no person, who is or had been a citizen of Pakistan, Bangladesh shall be eligible for registration as an Overseas Citizen of India.

Q4. Who can purchase immovable property in India?

Under the general permission granted by RBI, the following categories can freely purchase immovable property in India: (a) Non-Resident Indian (NRI)- that is a citizen of India residing outside India (b) Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who (i) at any time, held Indian passport or (ii) who or either of whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955). The general permission, however, covers only purchase of residential and commercial property and not for purchase of agricultural land/plantation property/farm house in India. OCI can purchase immovable property in India except agricultural land/plantation property/farmhouse.

Q5. Can a NRI/PIO acquire agricultural land/plantation property/farm house in India?

Since general permission is not available to NRI/PIO to acquire agricultural land/plantation property/farm house in India, such proposals will require specific approval of Reserve Bank and the proposals are considered in consultation with the Government of India.

Q6. Are NRI/PIO/OCI eligible for Housing loans to buy property from any Indian Bank?

An authorised dealer or a housing finance institution in India approved by the National Housing Bank may provide housing loan to a non-resident Indian or a person of Indian origin residing outside India. for acquisition of a residential accommodation in India, subject to the following conditions, namely: (a) the quantum of loans, margin money and the period of repayment shall be at par with those applicable to housing finance provided to a person residing in India. (b) the loan amount shall not be credited to Non-resident External (NRE)/Foreign Currency Non-resident (FCNR)/Non-resident non-repatriable (NRNR) account of the borrower. (c) the loan shall be fully secured by equitable mortgage by deposit of title deal of the property proposed to be acquired, and if necessary, also be lien on the borrower’s other assets in India. (d) the installment of loan, interest and other charges, if any, shall be paid by the borrower by remittances from outside India through normal banking channels or out of funds in his Non-resident External (NRE)/Foreign Currency Non-resident (FCNR)/Non-resident Non-repatriable (NRNR)/Non-resident Ordinary (NRO)/non-resident Special Rupee (NRSR) account in India, or out of rental income derived from renting out the property acquired by utilization of the loan or by any relative of the borrower in India by crediting the borrower’s loan account through the bank account of such relative (The word ‘relative’ means ‘relative’ as defined in section 6 of the Companies Act, 1956.) (e) the rate of interest on the loan shall conform to the directives issued by the Reserve Bank of India or, as the case may be, the National Housing Bank.

Indicative list of documents required for home loans Salaried individuals

Copy of employment contract

Latest Salary slip

Latest work permit

Bank statement for 4 months or NRE/NRO a/c6 months statement

Passport/visa copy

Utility bill for address proof

PIO/OCI card

Power of Attorney (if applicable, in respective bank’s format)

Customer credit check report

Property agreement duly registered or other related docs

Income Tax returns last 2 years

Self-employed individuals

Balance sheets and P&L a/c of the company for last 3 years

Bank a/c statements for last 6 months for company and individual, both

Income tax returns (3 years)

Passport/visa copy

Utility bill for address proof

PIO/OCI card

Power of Attorney (if applicable, in respective bank’s format)

Credit check report

Property agreement or other related docs

Disclaimer:

These are the broad guidelines meant for ready reference with respect to acquisition and transfer of immovable property in India by NRI/PIO/OCI and in each case prospective buyer or seller of property in India must consult his/her own legal/finance/tax advisor and obtain suitable advise for their specific transaction. Krrish Group assumes no responsibility or legal liability for transactions entered into by placing reliance on these FAQs. Krrish Group assumes no responsibility for updating these FAQs.

The Contents and Information including visuals of the Website is still in the process of development , are tentative in nature and are subject to change / revision by the holder of the Domain without notice

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​The information on this Website is in the process of updation as required under the Real Estate ( Regulation and Development ) Act , 2016 and rules made there under . Inconvenience is deeply regretted.